you got that right, lloyd. come on, dan. show us how to do this for less. >> i sold one of the october 115 puts. >> well done. so to spend less dan then sold the october 115 strike put for 50 cents and created his put calendar. he did something even better. he made making money easier and here is how. between the 1.90 he spent buying one put and the .50 he collected selling the other he cut his costs down to $1.40. now, instead of needing gold man's stock to fall below 113 to make money it needs to fall below 113.60 by november expiration. but it gets even better. and that's because the value of the nearer dated put that dan sold would decrease faster than the longer daily put he bought allowing him to do something even goldman traders can't do, turn time into money. >> that was an incredible feat. >> it sure is, lloyd. but there is a tradeoff. in order to make the most money dan needs goldman stock to stay just above the shorter dated put he sold by the first expiration or above $115. but below the strike of the longer date